Attorney General Holder Says Banks Are Too Big To Prosecute

By: Friday March 8, 2013 6:20 am

In the same hearing where he publicly endorsed the Aaron Swartz prosecution, Attorney General Eric Holder admitted that the reason he has not done his job the last five or so years is because he can’t. Here’s an unexpected addition to the long list of people who say large banks may be too large to [...]

Thomas Cox, Lawyer Who Exposed Robo-Signing, Gets $100,000 Prize

By: Friday December 7, 2012 8:30 am

This great statement on housing from Econ4 hits all the right notes, particularly the line “We oppose treating the nation’s housing as a bundle of assets to be sliced, diced, flipped, and bailed out in pursuit of inflated profits and bonuses.” This is really the original sin that caused the crisis. As a result of [...]

The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:09 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a [...]

Foreclosure Fraud Settlement Update: Checks to Victims, Servicing Standards, Ongoing Lawsuits

By: Thursday September 27, 2012 6:56 am

A number of states have announced that they are sending out claim forms to foreclosure victims who are eligible for a one-time cash payment under the foreclosure fraud settlement. $1.5 billion has been earmarked for roughly 750,000 homeowners (depending on takeup) who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, by one [...]

Fraud Continues to Pervade Mortgage Industry, Helped Along By MERS

By: Monday September 3, 2012 8:57 am

While housing analysts revel in numbers about home prices and construction starts, I have been trying to focus on the realities of an unhealthy market, with hedge fund house-flippers and shadow inventory driving the so-called “recovery” more than anything fundamental. Gretchen Morgenson takes up the other aspect of this, the fact that the legal wrangling [...]

Delaware AG Biden Settlement with MERS Promises Reforms Already Pledged

By: Friday July 13, 2012 10:22 am

Delaware Attorney General Beau Biden has settled his lawsuit with Mortgage Electronic Registration Systems, or MERS. This is one of the lawsuits that was preserved in the aftermath of the foreclosure fraud settlement. To date, none of those lawsuits which were preserved have produced very much in the way of tangible success. Biden announced today [...]

MERS Expert Chris Peterson Tapped for CFPB

By: Thursday May 10, 2012 6:53 am

It’s rare that I’ll put forward an optimistic post about a mid-level federal agency hire. But that’s what I’m about to do. The Consumer Financial Protection Bureau just hired the man who knows more about MERS – and their deficiencies – than perhaps anyone in the country. University of Utah Law Professor Christopher Peterson will [...]

Schneiderman’s Office Responds on MERS Lawsuit Partial Settlement

By: Wednesday March 14, 2012 11:02 am

So Eric Schneiderman’s team is a little upset with me, I assume, over this post. I can only assume that, because I haven’t had any direct contact. But indirectly, I’ve heard accusations of “misinformation and outright misrepresentations” lodged at me. I guess I’m not on the good guys team to get a phone call anymore. [...]

Register of Deeds Jeff Thigpen Sues MERS, Banks, Wants Them to “Fix Their Mess”

By: Wednesday March 14, 2012 8:55 am

While Eric Schneiderman’s MERS lawsuit mostly crashed and burned, another suit against the electronic registry, filed just yesterday, appears to have more determination behind it. Jeff Thigpen, the register of deeds for Guilford County, North Carolina, sued MERS, the document processing company Lender Processing Services and several banks and loan servicers, using as evidence the [...]

Schneiderman Settles Suit Against Banks for Use of MERS for Paltry $25 Million

By: Wednesday March 14, 2012 6:17 am

One of the big claims by defenders of the foreclosure fraud settlement is that it’s just a down payment on future actions. The release was narrow enough that state and federal regulators can still hold the banks accountable for their crimes. Why, even some active lawsuits were carved out to allow state AGs to pursue [...]

Wells Fargo Shareholder Report Reveals Information on Foreclosure Fraud Settlement

By: Wednesday February 29, 2012 7:10 am

It’s embarrassing that the most information we’ve yet received about the foreclosure fraud settlement comes from an annual report to stockholders by Wells Fargo. In other words, we had to wait for the banks to tell us what was in the settlement, I guess because the regulatory officials who negotiated it weren’t entirely proud of [...]

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